GLOWBUS: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
GLOWBUS
Largest movements
- Stocks and contracts +€22,198
up €22,198 (+49.8%), from €44,563 to €66,761
- Receivables within one year -€11,412
down €11,412 (-59.8%), from €19,098 to €7,687
of which Trade receivables: -€15,289
- Tangible fixed assets -€4,962
down €4,962 (-30.6%), from €16,208 to €11,246
of which Plant, machinery and equipment: -€3,363
- Cash +€1,786
up €1,786 (+11.8%), from €15,097 to €16,883
mainly Short-term financial debts (+€30,000) and Trade debts (+€18,006)
- Profit (loss) carried forward -€41,237
new in 2025: -€41,237
- Short-term financial debts +€30,000
new in 2025: €30,000
- Trade debts +€18,006
up €18,006 (+114.5%), from €15,726 to €33,732
- Accrued charges and deferred income +€2,257
up €2,257 (+164.4%), from €1,373 to €3,630
- Tax, wage and social debts -€1,374
down €1,374 (-61.4%), from €2,237 to €863
- Gross operating margin -€46,253
down €46,253, from €14,623 to -€31,630
- Other operating charges -€1,544
down €1,544 (-58.2%), from €2,650 to €1,107
- Taxes -€863
down €863 (-100.0%), from €863 to €0
- Depreciation -€623
down €623 (-10.0%), from €6,251 to €5,628
- Financial charges +€598
up €598 (+26.0%), from €2,300 to €2,898
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €97,317 | €104,970 | +€7,653 | +7.9% |
| Fixed assets | 21/28 | €16,873 | €11,246 | -€5,628 | -33.4% |
| Intangible fixed assets | 21 | €665 | €0 | -€665 | -100.0% |
| Tangible fixed assets | 22/27 | €16,208 | €11,246 | -€4,962 | -30.6% |
| Plant, machinery and equipment | 23 | €6,269 | €2,906 | -€3,363 | -53.6% |
| Furniture and vehicles | 24 | €64 | €0 | -€64 | -100.0% |
| Other tangible fixed assets | 26 | €9,875 | €8,340 | -€1,535 | -15.5% |
| Current assets | 29/58 | €80,444 | €93,724 | +€13,280 | +16.5% |
| Stocks and contracts in progress | 3 | €44,563 | €66,761 | +€22,198 | +49.8% |
| Stocks | 30/36 | €44,563 | €66,761 | +€22,198 | +49.8% |
| Amounts receivable within one year | 40/41 | €19,098 | €7,687 | -€11,412 | -59.8% |
| Trade receivables | 40 | €17,780 | €2,491 | -€15,289 | -86.0% |
| Other amounts receivable | 41 | €1,318 | €5,195 | +€3,877 | +294.1% |
| Cash at bank and in hand | 54/58 | €15,097 | €16,883 | +€1,786 | +11.8% |
| Deferred charges and accrued income | 490/1 | €1,686 | €2,393 | +€708 | +42.0% |
| Total equity and liabilities | 10/49 | €97,317 | €104,970 | +€7,653 | +7.9% |
| Equity | 10/15 | €76,724 | €35,487 | -€41,237 | -53.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €74,224 | €74,224 | = | 0.0% |
| Distributable reserves | 133 | €74,224 | €74,224 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€41,237 | -€41,237 | |
| Amounts payable | 17/49 | €20,593 | €69,482 | +€48,889 | +237.4% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €19,220 | €65,852 | +€46,632 | +242.6% |
| Financial debts | 43 | - | €30,000 | +€30,000 | |
| Credit institutions | 430/8 | - | €30,000 | +€30,000 | |
| Trade debts | 44 | €15,726 | €33,732 | +€18,006 | +114.5% |
| Suppliers | 440/4 | €15,726 | €33,732 | +€18,006 | +114.5% |
| Taxes, remuneration and social security | 45 | €2,237 | €863 | -€1,374 | -61.4% |
| Taxes | 450/3 | €2,237 | €863 | -€1,374 | -61.4% |
| Other amounts payable | 47/48 | €1,257 | €1,257 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,373 | €3,630 | +€2,257 | +164.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,251 | €5,628 | -€623 | -10.0% |
| Other operating charges | 640/8 | €2,650 | €1,107 | -€1,544 | -58.2% |
| Gross operating margin | 9900 | €14,623 | -€31,630 | -€46,253 | |
| Operating profit (loss) | 9901 | €5,722 | -€38,364 | -€44,086 | |
| Financial income | 75/76B | €14 | €26 | +€12 | +85.3% |
| Recurring financial income | 75 | €14 | €26 | +€12 | +85.3% |
| Financial charges | 65/66B | €2,300 | €2,898 | +€598 | +26.0% |
| Recurring financial charges | 65 | €2,300 | €2,898 | +€598 | +26.0% |
| Profit (loss) for the period before taxes | 9903 | €3,435 | -€41,237 | -€44,672 | |
| Income taxes | 67/77 | €863 | €0 | -€863 | -100.0% |
| Profit (loss) for the period | 9904 | €2,572 | -€41,237 | -€43,809 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,572 | -€41,237 | -€43,809 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.